The maximum subsidy available for electric passenger vehicles in Korea will be reduced to 5.8 million won ($3,950) this year, a more than 10 percent decrease from last year, according to the Ministry of Environment.
Vehicles priced above 53 million won will not receive corporate discount incentives. If a low-income household purchases an electric vehicle, they will receive an additional 20% of the total subsidies. Young adults (ages 19-34) purchasing their first car as an electric vehicle will also receive an additional 20% in subsidies.
If you are 34 or younger and getting an EV as your first car in Korea, you'll be getting a 20 percent additional subsidy, or up to 1.16 million won ($793) off the payment. All EV owners will be exempt from individual consumption tax and acquisition tax until 2026 and get a discount on highway toll fees until 2027.
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For vehicles that cannot receive battery management system updates, extra subsidies (incentives) will be supported when they are scrapped and replaced with electric vehicles. Next,
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On December 30, the Ministry of Environment announced a revision of the administrative guidelines for the 2021 electric vehicle subsidy program. This information is available for review
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For vehicles with a driving range of less than 440 km, the reduction in subsidies will be expanded. The range for additional subsidies based on charging speed will also be increased.
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Under the policies, all buyers aged between 19 and 34 who select an EV for their first car will be given up to 20 percent additional subsidy on top of the maximum 5.8 million won ($3.973) of
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Overall annual budgets and specific guidance on calculating the exact amount subsidies provide per vehicle are announced at the beginning of the year. The 2024 guidance provides KRW 1.7 trillion in
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For vehicles that cannot receive battery management system updates, extra subsidies (incentives) will be supported when they are scrapped and replaced with electric vehicles. Next,
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On September 25, the Ministry of Environment (Minister Han Wha-jin) released a plan to expand subsidies for the purchase of electric cars. The purpose is to promote the distribution of
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